Karnataka Bank Limited Education Loan Interest Rate

INTEREST RATE10.85% to 12.95%
LOAN TENUREIn 5 to 7 years after the Holiday | Moratorium Period
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time
Note: Updated on 10 Feb 2023, for latest interest rates, please visit bank website.

About Karnataka Bank

Karnataka Bank Limited is a private sector bank in india. It has headquarter in Mangaluru. Karnataka Bank Limited was founded on 1924. It has 932 branches and

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Karnataka Bank Limited which includes Karnataka Bank Limited Official Website, Karnataka Bank Limited ATMs accross the India, Karnataka Bank Limited Branches accross the India, Karnataka Bank Limited Contact Numbers, Karnataka Bank Limited official EmailID, Karnataka Bank Limited Headquarter and Karnataka Bank Limited Headquarter Address. Find Karnataka Bank Limited Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of Karnataka Bank Limited:

Home LoanPersonal Loan
Education LoanBusiness Loan
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PPF Account 

Karnataka Bank Education Loan Purpose

To provide financial assistance to the deserving / meritorious students in getting their education completed specially for higher education. The scheme aims to ensure that the deserving students may not loose opportunities for want of arrangements of funds.

Karnataka Bank Eligible Courses for Education Loan

Graduate Courses Post Graduate Courses Professional Courses Courses conducted by IIM, IIT, XLRI, NIFT Courses offered in India by reputed foreign universities; Evening Courses of approved Institutes. Other Courses leading to Diploma | Degree conducted by Colleges | Universities approved by UGC | GOVT. | AICTE |AIBMS | ICMR; Courses offered by National Institutes and other reputed private Institutions.

Karnataka Bank Education Loan Document Required

For salaried individuals

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Latest salary slip showing all deductions or Form 16 along with recent salary certificate
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

Karnataka Bank Education Loan Amount

a) For studies in India, maximum Rs. 10 Lakhs.
b) For studies abroad, maximum Rs. 20 Lakhs

Margin

a) Up to Rs.4 lakhs-Nil.
b) Above Rs. 4 lakhs- Studies in India 5% Studies Abroad 15%

Karnataka Bank Education Loan Repayment

Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.The loan to be repaid in 5 - 7 years after commencement of the repayment.

Security

Upto Rs. 7.5 lakh - Nil
Above Rs.7.5 lakh, Collateral security of suitable value |suitable third party guarantee along with the assignment of future income of the student for payment of instalments

Mode of Repayment of Education Loan

Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.

Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.

National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.

Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.

Contact details of Karnataka Bank Limited, Karnataka Bank Limited SMS balance check number SMS banking, Karnataka Bank Limited mobile banking, Karnataka Bank Limited toll free number,Karnataka Bank Limited toll free number 24*7, Karnataka Bank Limited miss call number.

  • MISSED CALL NUMBERS - 18004251445
  • CUSTOMER CARE NUMBERS - 18004251444, 18005728031, 080-22021500
  • CONTACT NUMBERS - 18004251444, 18005728031, 080-22021500

Karnataka Bank Limited Contact Details

  • BANK OFFICIAL WEBSITE - www.karnatakabank.com
  • CONTACT NUMBERS - 18004251444, 18005728031, 080-22021500
  • EMAIL ID - info@ktkbank.com
  • MISSED CALL NO. - 18004251445
  • CUSTOMER CARE NO. - 18004251444, 18005728031, 080-22021500
  • TOTAL BRANCHES - 932
  • HEADQUARTER - Mangaluru
  • BANK ADDRESS - Post Box No. 599.Mahaveera Circle, Kankanady, Mangaluru-575002, Karnataka
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